Biotech startups and spinouts in Cambridge, Massachusetts are set to receive $150m boost as fund aims for close.

Bioinnovation Capital is targeting a $150m close on its inaugural fund which the life sciences investor plans to deploy around Cambridge, Massachusetts.

Set to benefit Harvard University, Massachusetts Institute of Technology, and the tech clusters surrounding both institutions, the fund will be aiming at early-stage investment and is looking to back both seed and series A rounds.

The fund is being developed by founders of biotech incubators LabCentral and Cambridge BioLabs, both based in Cambridge. The team plan to use the incubators to identify potential startups, and will be looking at firms that both made it into the programmes and startups the incubators had to turn away.